AUDUSD Daily Analysis – March 2, 2018

AUDUSD stays below a falling trend line on its 4-hour chart and remains in the downtrend from 0.7893. As long as the trend line resistance holds, the bounce from 0.7712 could be treated as treated as consolidation for the downtrend. Further decline would likely be seen and next target would be at 0.7600 area. On the upside, a breakout of the trend line resistance would indicate that lengthier consolidation for the downtrend from 0.7988 is underway, then further rise towards 0.7840 could be seen, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart